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Freddie Mac offers aid as foreclosures mount

Mortgage finance giant Freddie Mac has committed to buy as much as $20bn (â‚¬14.7bn) in mortgages to help borrowers with high-priced loans stay in their homes, the company's chief executive said on Wednesday.

The initiative by the government-sponsored company, which is the second-largest buyer and guarantor of home loans in the country, was disclosed by Freddie Mac chairman and chief executive Richard Syron at a meeting on Capitol Hill. It came a day after federal regulators called on lenders to work with distressed borrowers unable to meet payments on high-risk mortgages to help them keep their homes.

Fannie Mae, in a new program called "HomeStay," is offering new options so lenders can help subprime borrowers refinance out of high-interest adjustable-rate mortgages or other difficult loans, said president and chief executive Daniel Mudd.